NL weekly

1. ➢ Sectorial Outlook ...2&3
➢ CurrentaffaironIndianEconomy…4
➢ Corporate Results&Insights…5
➢ Startup Watch … 6
➢ M & A Latest news & Recent
Developments …6
➢ Funding Deals of the week ... 7
➢ Introducing Peaceful Progress
(PP)… 8
➢ PP Portfolio… 9
WHATS INSIDE THIS
EDITION…?
Weekly Market Insights
THE INFO CIRCUIT
Issue 3
2023 – Week 9 This News Bulletin is a compilation of weekly important Business &
Regulatory updates published for the benefit of our Readers
A Weekly E-Newsletter Vol 4

2. SECTORIAL OUTLOOK OF THE WEEK
PAGE NO 2
Sector Power / Tourism
Sector
India Inc commits Rs 11.87 trn to Andhra on Day-1 of investor summit: On Day-one
of the Andhra Pradesh Global Investors Summit (GIS), the renewable energy sector was
the main focus, with 92 MoUs signed for investments worth about Rs 11.87 trillion and a
job generating potential of 392,000 jobs. State-run power major NTPC signed three
MoUs for investments amounting to Rs 2.35 trillion, while industry majors Adani Group,
Reliance Industries, ABC Ltd, Renew Power and JSW Group announced big-ticket
investments in the state. The state’s energy department received 35 investment
proposals worth Rs 8.25 trillion and a job generating potential of 133,000 jobs. Andhra
Pradesh is expected to become an energy hub of the future, with a good ecosystem for
investors in the state….Read more at Business Standard
Working on holistic plan to boost tourism: Modi: Foreign tourist arrivals in India rose
from 200,000 in January 2022 to 800,000 in January 2023. Prime Minister Narendra
Modi said the government is working on a plan to develop tourism destinations across
India. He noted that every tourist destination can develop its own revenue model and
added villages are becoming centres of tourism. He cited examples of how tourism
helped in the redevelopment of Kashi Vishwanath Dham, Kedarnath Temple and the
Statue of Unity. Modi also stressed the need to support small businesses such as
homestays, small hotels, and restaurants….Read more at Hindustan Times
Green energy obligation for coal-based plants notified: The power ministry has
mandated that coal-based plants commissioned between April 2023 and March 2025
must have at least 40% of their generating capacity through renewable energy sources.
The renewable energy obligation will be enforced by April 2025 for coal or lignite-based
thermal generating stations that start operations during this period. Plants that start after
April 2025 will need to comply with the obligation when operational. The move is part of
India's effort to speed up its energy transition….Read more at The Economic Times
Govt approves $3.9 billion Hydropower project near China border: The Indian
Government has approved its largest hydropower project, the 2,880 MW Dibang
Multipurpose Project (MPP), located in the north-eastern state of Arunachal Pradesh,
bordering China. The project, estimated to cost ₹1,600 crore and be completed in nine
years, will be developed by NHPC Limited. The 278-meter-tall concrete gravity dam,
when built, will be the country's tallest. The government of Arunachal Pradesh will
receive 1346.76 MU, or 12% of the project cost, upon completion. During the 40-year
lifespan of the Dibang Multipurpose Project, Arunachal Pradesh is expected to receive
free electricity and contributions to the Local Area Development Fund, resulting in a total
benefit of ₹26,785 crore. This project will also protect a significant portion of Assam from
flooding….Read more at Mint

3. SECTORIAL OUTLOOK OF THE WEEK
PAGE NO 3
Sector Pharma / Infrastructure / Metals
Sector
Pharma industry braces for tighter manufacturing-linked norms: The Indian
pharmaceutical industry is under scrutiny after three global incidents involving
pharmaceutical products sourced from India were reported in the past six months. The
incidents have raised questions about local manufacturing practices and supply chain
management. The World Health Organization has urged increased surveillance and
diligence within the supply chains of countries and regions likely to be affected by these
products. The pharma industry is discussing upgrading present manufacturing practices
to the World Health Organization’s cGMP levels….Read more at Business Line
100 industrial clusters identified for infrastructure development: The Centre has
identified around 100 industrial clusters for infrastructure development in coordination
with states, using the Gati Shakti national master plan. The plan will identify
infrastructure gaps in an area of 150-200 kilometres from a cluster and work towards
bridging the shortfall. The initiative is part of Prime Minister Narendra Modi's 'area-
based' development approach. The government has also identified 66 large green-field
projects worth around ₹5 lakh crore for development under the Gati Shakti initiative to
boost infrastructure….Read more at The Economic Times
World Bank commits $1 billion to India for developing public healthcare infra: The
Indian government and World Bank have signed two loans worth $1 billion to support
the country's public healthcare infrastructure through the Pradhan Mantri-Ayushman
Bharat Health Infrastructure Mission. One loan will prioritize health service delivery,
while the other will support pandemic preparedness efforts and enhance the country’s
surveillance system to be ready to detect and report “epidemics of potential international
concern”. The loans have a final maturity of 18.5 years, including a grace period of 5
years. The World Bank states that Covid-19 has emphasized the need to revitalize and
reform India's health systems….Read more at Business Line
European Union's carbon tax may hurt metal exports, says GTRI report: The
European Union's Carbon Border Adjustment Mechanism (CBAM) is a carbon tax that
will impact global trade and climate policy. A report by Global Trade Research Initiative
(GTRI) states that while the CBAM will have a negligible impact on climate, it will disrupt
global trade. The CBAM will also present significant challenges for India's metal industry,
which exports a large portion of its iron, steel, and aluminium to the EU. The CBAM will
be implemented in four phases, with the first phase beginning on October 1, 2024. The
think tank suggests that the Indian government should establish a task force to prepare
administrative ministries and industries to meet the challenge of the carbon tax....Read
more at Business Standard

4. PAGE NO 4
CURRENT AFFAIR ON INDIAN ECONOMY
GST collections jump 12%, cess at record high:
▪ According to the Times of India, India's Goods and Services
Tax (GST) collections increased by 12% in August 2021,
reaching a record high of ₹1.12 lakh crore.
▪ The GST cess collections also reached a record high of
₹28,397 crore during the same period. This increase in
collections is attributed to the easing of pandemic
restrictions and the revival of business activities.
▪ The GST collections have been increasing steadily over the
past few months, indicating an economic recovery.
Manufacturing pulls down India’s GDP growth to 4.4%:
• According to the Indian government, India's gross domestic
product (GDP) grew by 0.4% year-on-year in the October-
December quarter of 2021, marking a slowdown from the
previous quarter's 8.4% expansion.
• Despite the weaker growth, the finance ministry said that it
was a "positive sign" and attributed it to the country's
ongoing recovery from the COVID-19 pandemic.
• The agriculture sector saw the highest growth at 6.5%, while
manufacturing contracted by 1.1%.
• The services sector grew by 0.5%, with the finance ministry
stating that the government's reform measures have
contributed to the improvement in the sector.

5. CORPORATE INSIGHTS
Company Results and Updates
PAGE NO 5
A F Enterprises Q3 results:
Net Sales at Rs 1.14 crore in
December 2022 down 18.12%
from Rs. 1.40 crore in December
2021.Quarterly Net Profit at Rs.
0.06 crore in December 2022
down 86.53% from Rs. 0.42
crore in December 2021..
Scanpoint Geo Ltd Q3 results:
Net Sales at Rs 3.85 crore in
December 2022 down 37.73%
from Rs. 6.18 crore in December
2021. Quarterly Net Profit at Rs.
0.14 crore in December 2022
down 73.73% from Rs. 0.53
crore in December 2021..
Palash Securities Q3 results:
Net Sales at Rs 12.38 crore in
December 2022 down 27.31%
from Rs. 17.03 crore in December
2021. Quarterly Net Loss at Rs.
5.67 crore in December 2022
down 58.91% from Rs. 3.57 crore
in December 2021.
Amazon Pay fined ₹3.06 crore by RBI for flouting norms: Amazon Pay has
been fined more than ₹3.06 crore by the RBI for failing to comply with certain
provisions related to Prepaid Payment Instruments (PPIs) and Know Your
Customer (KYC) direction. The penalty has been imposed due to the
company's failure to meet regulatory compliance requirements and does not
indicate any judgment on the validity of Amazon Pay's transactions with its
customers...….Read more at Moneycontrol
IndiGo to order over 500 passenger jets, potentially breaking Air India's
record: IndiGo is reportedly in talks with Boeing and Airbus to potentially order
more than 500 passenger jets, which could break the recent industry record set
by Air India. However, IndiGo has not made any final decisions yet and is still in
discussions with the manufacturers. Air India's previous order for 470 aircraft
was announced at a list price of $70 billion…Read more at Hindustan Times
Frauds don't last 30 years: GQG's Jain after buying ₹15,446 crore stake in
Adani firms: Chairman of GQG Partners, Rajiv Jain, dismissed Hindenburg
Research's claims of stock manipulation and accounting fraud against Adani,
after his firm purchased ₹15,446 crore worth of shares in four Adani companies.
Jain expressed confidence in Adani companies, stating that "frauds typically
don't last 30 years" and that his firm disagreed with the claims but respected
differing opinions in the market. The comments were made during an interview
with the Australian Financial Review....…Read more at Money control
iPhone maker Foxconn to build $700-mn plant in Bengaluru: Foxconn, a
partner of Apple, is reportedly investing approximately $700 million in a new
plant in Bengaluru to manufacture iPhone parts and other products.
Bloomberg reports that the plant will be built on a 300-acre site close to the
airport and is expected to generate one lakh jobs, making it one of Foxconn's
largest investments in India.….Read more at BQ Prime

6. START-UP WATCH
PAGE NO 6
M&A LATEST NEWS/ & OTHER
RECENT DEVELOPMENTS
* a YOURSTORY initiative *
▪ Axis Bank-Citibank merger complete: The
consumer banking business of Citibank in India has
been acquired by Axis Bank, and customers of
Citibank's credit cards, debit cards, savings accounts,
and home loans will now be transferred to Axis Bank.
Citibank will continue to operate its corporate banking
business in India. The transition is expected to be
completed by Q1 2022, and Citibank will work with
Axis Bank to ensure a smooth transfer of services to
customers.
▪ Marengo Asia Healthcare acquires 100 percent
stake in W Pratiksha Hospital: Marengo Asia
Healthcare has acquired a 100% stake in W Pratiksha
Hospital, a multi-specialty hospital in Gurugram, India.
The acquisition will help Marengo Asia Healthcare
expand its footprint in the Indian healthcare market. W
Pratiksha Hospital offers advanced medical care
services in several specialties, including cardiology,
neurology, oncology, orthopedics, and gynecology.
▪ International Tractors acquires Germany’s
Thaler for Rs 200 crore:
International Tractors Limited (ITL) has acquired
Germany-based agricultural technology company,
Thaler GmbH & Co, for Rs 200 crore. Thaler is a
leading manufacturer of loaders, and the acquisition
will enable ITL to expand its presence in the global
market. The acquisition will also help ITL to enhance
its product portfolio, as Thaler has expertise in
manufacturing loaders for tractors and trucks, among
other equipment..
▪ HDFC gets NCLT nod to merge 2 units with
HDFC Capital Advisors: The NCLT approved the
merger of HDFC Property Ventures and HDFC
Venture Capital with HDFC Capital Advisors on Friday,
and the merger will be effective after submission of the
NCLT order to the Registrar of Companies. Meanwhile,
the NCLT has yet to issue a ruling on the proposed
merger between HDFC and HDFC Bank from last
month.
▪ Revamp Moto: Revamp
Moto, an electric vehicle
startup from Nashik, plans
to use funding from Shark
Tank to expand its
operations and launch new
products. The startup has
developed an electric
scooter with a 100 km
range and a top speed of
65 km/h and is developing
an electric motorcycle set to
launch by the end of 2023.
The startup aims to
capitalize on the increasing
demand for electric mobility
solutions in India and plans
to expand its presence
nationwide.
▪ Zypp Electric: Zypp
Electric, an Indian electric
scooter rental company, is
transitioning from a B2C
mobility business model to
a B2B last-mile delivery
service. The company plans
to expand its operations in
India and internationally,
with plans to launch in the
US and Europe later this
year. The new service,
called Zypp for Business,
will offer eco-friendly and
cost-effective delivery
solutions. The company
raised $15.5 million in
funding to support its
expansion and develop new
electric vehicles.

7. Startup Funding Deals Of The Week
PAGE NO 7
ND – Not Disclosed
Source – INC42
Startup Sector Funding Series Investors
Betterhalf
Media &
Entertainment
$8.5 Mn Series A
FinSight Ventures, Rebel Fund, Nurture
Ventures, Mike Krieger, Arash Ferdowsi,
Derek Callow, Brendan O’Driscoll
Evera Travel Tech $7 Mn Pre-Series A
IEG Investment Banking Group, Direct
Capital, Westova Global
NoBroker
Real Estate
Tech
$5 Mn
Extended
Series E
Google
SigTuple Healthtech $4.3 Mn Series C Endiya Partners, Accel
Perfora Ecommerce $2.5 Mn Series A
RPSG Capital Ventures, Sauce.vc, Lotus
Herbals, Sara Group, Huddle
OnePlay
Media &
Entertainment
$1.8 Mn Undisclosed
Baring Capital, Inflection Point Ventures,
Kunal Shah, Jitendra Gupta, Suraj Nalin,
Amit Shrivastav
Store My Goods
Consumer
Services
$1 Mn Seed
JITO Angel Network, Goodwater Capital,
Gajendra Jangid, Ruchit Agarwal, Ashish
Shah, Ambareesh Murthy, Balvinder
Sahrawat
Barton Breeze Agritech $800k Undisclosed
Rajeev Bairathi, Neeraj Kumar, Manish
Agarwal, Umang Agarwal, Shishir Poddar
Simple Viral
Games
Media &
Entertainment
$500k Pre-Seed
WEH Ventures, Eximius Ventures,
PointOne Capital, Force Ventures, Ankit
Agarwal, Prashant Sachan
Voiceoc Healthtech $367k Undisclosed BioAngels, SucSEED Indovation
Jarsh Safety Deeptech $363k Pre-Seed Mumbai Angels
EaseMyAI
Enterprise
Tech
$218k Seed Inflection Point Ventures
Blue Tea Ecommerce Undisclosed Undisclosed Prafull Billore
Elevate Now Healthtech Undisclosed Pre-Seed W Health Ventures
MITRA Bags Ecommerce Undisclosed Seed Bestvantage Investments
Funngro
Enterprise
Tech
Undisclosed Seed
Amit Jain, Namita Thapar, SucSEED
Indovation

8. Introducing Peaceful Progress
PAGE NO 8
An unparalleled opportunity for startups looking for Co-Investment
from Peaceful Progress.
Do reach out to shekar@peacefulprogress.in

9. PAGE NO 9
Peaceful Progress Fund has made Nine investments since it obtained SEBI
approval in February 2022 as follows:
Portfolio
Chandrashekar Kupperi, General Partner & Investor, Peaceful Progress,
said, “We are excited about the nine investments made to date. To our
investees, we offer support, guidance, lend expertise and access to a wide
network for growth, in addition to funds. We are thankful to our investors for
their patronage to Peaceful Progress and we are roping in more to join us on
our journey.”

10. Chandrashekar Kupperi
❖ Shekar is a Chartered Accountant, a Cost Accountant & a Company
Secretary by qualification. A member of The Institute of Management
Accounts, US; The Institute of Public Accountants, Australia & The
Chartered Institute for Securities & Investments, UK.
❖ He brings with him two decades of experience in various multinationals
with diversified sector experience in - FMCG, Life Insurance, Audit &
Assurance & Oil & Gas sectors.
❖ An active Angel Investor, his portfolio includes early-stage investments
in HealthTech, FMCG, ConsumerTech, Business Intelligence,
MediaTech & LogiTech segments.
The most important ingredient for
progress is the willpower to
continue. Progress is possible only
when we take the next and the next
and the next step marching forward
towards the purpose, towards the
vision, towards what we believe we
are cut out to be…because
willpower is like a muscle, the more
we train it, it gets stronger…
Editorial Team
PAGE NO 10
From Our Founder’s Desk…
Saathvika Mathangini

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PAGE NO 11

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